Saudi Production Rise Fails to Bring Down Oil
Oil prices rose after Saudi Arabia’s modest production increase failed to push traders to sell.
Light, sweet crude for August delivery rose $1.38 to settle at $136.74 a barrel on the New York Mercantile Exchange.
Retail gas prices inched lower overnight but appear unlikely to change much as long as oil prices remain stuck in their recent trading range.
In Nymex trading Monday, July gasoline futures gained 1.59 cents to settle at $3.4551 a gallon, and July heating oil futures added 2.58 cents to settle at $3.7975. July natural gas futures rose 20.9 cents to settle at $13.203 per 1,000 cubic feet.
